Soft futures; ICE sugar, coffee decline with Brazil supplies in focus By Investing.com

Soft futures; ICE sugar, coffee decline with Brazil supplies in focus

Commodities Jun 17, 2014 07:40AM ET

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Soft futures; ICE sugar, coffee decline with Brazil supplies in focus

Sugar, coffee futures lower with Brazil supplies in focus

Investing.com - Sugar and coffee futures edged lower on Tuesday, as market players continued to assess the outlook for Brazilian supplies.

The South American nation is the biggest producer of both commodities.

On the ICE Futures Exchange, U.S. sugar for July delivery eased down 0.29% to trade at $0.1709 a pound during U.S. morning hours. The July contract ended Monday’s session up 0.35% to settle at 0.1710 a pound.

Prices of the sweetener have been on a downward trend in recent sessions as investors monitored crop and weather conditions in Brazil. Sugar futures fell to a eight-week low of $0.1667 a pound on June 13.

Brazil is the world's largest sugar producer and exporter, with the U.S. Department of Agriculture estimating the nation accounts for nearly 20% of global production and 39% of global sugar exports.

Meanwhile, Arabica coffee for September delivery dropped 0.94% to trade at $1.7433 a pound. The September coffee contract declined 0.37% on Monday to settle at $1.7580.

Coffee rallied to a three-week high of $1.7952 on June 13 as traders worried that drought would hurt Brazilian output.

Brazil is the world's largest producer and exporter of Arabica coffee. Arabica is grown mainly in Latin America and brewed by specialty companies.

Elsewhere, U.S. cotton for July delivery tacked on 0.1% to trade at $0.8774 a pound. The July cotton contract rose to $0.8844 on Monday, the most since June 3, before settling at $0.8765, up 0.77%.

According to the U.S. Department of Agriculture, nearly 95% of the U.S. cotton crop was planted as of June 15, improving from 89% planted in the preceding week.

Approximately 51% of the crop was in “good” to “excellent” condition, compared to 50% a week earlier.

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